Large companies hire benefits managers to organize and deal with the employees’ personal benefits, like their pensions, retirement plans, health insurance and any additional benefits their employment at the company may be providing. A benefits manager functions very similarly to an accountant, though they only deal with the company’s finances in relation to the employees’ benefits, and not in any other aspect. Thus, a benefits manager may work closely with the company’s accounting team, in order to create a more stabilized structure for sharing information and financial reports.
Benefits managers must be good with mathematics, as well as be able to properly analyze large assets of information. Depending on the location, a benefits manager may or may not be required to present proof of some formal education. Normally, a Bachelor’s degree in finances, economics or law would be beneficial to the candidate, as well as of course a Master’s degree in the specific field of benefits management – which is provided by some universities. Benefits managers must be able to work as close as possible to being error-free, as their work is directly translated into the employees’ benefits and a small mistake can quickly add up.
Benefits managers tend to be compensated highly, with annual salaries over $80,000 being the standard. Some can reach an income of up to $112,000/year, and the prospects of career development are one of the most attractive aspects of this field of employment. Skill and experience are large deciding factors in determining a benefits manager’s payment.